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November 2023

17Nov

AI and Retirement – How It Will Affect Your Retirement Savings

By Carolyn Young  Artificial Intelligence (AI) is impacting humans more than any of us realize. It’s being used by marketers to gain customer insights, by manufacturers to automate processes, and by many businesses to analyze data and improve efficiency. AI’s ability to rapidly analyze large amounts of data has also given it a huge role in the financial industry, and thus can impact your retirement savings in a variety of ways. In fact, AI is being used most by the banking...

November 17, 2023
Articles, Pension design, , , ,
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17Nov

Societal aging and its impact on Singapore

By Cynthia Chen, Julian Lim, Abhijit Visaria & Angelique Chan  Societal aging is arguably one of our most critical demographic challenges (World Bank, 2016). Singapore is aging at a much faster rate compared to other countries. It will take only 27 years to transition from an 'aging society' in 1999 (7% of the population aged 65+) to a 'super-aged society' in 2026 (with 20% of its population aged 65+) (Tan Teck Boon, 2015). Japan, China, Germany, and the United States took, or will take,...

November 17, 2023
Aging, Articles, ,
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10Nov

Sustainability of pension schemes: Building a smooth automatic balance mechanism with an application to the us social security

By Frédéric Gannon, Florence Legros & Vincent Touzé We build a “smooth” automatic balancing mecanism (S-ABM) which would result from an optimal tradeoff between increasing the receipts and reducing the expenditures of a pension scheme. The S-ABM obtains from minimizing a sum of discounted quadratic loss function under the constraint of an intertemporal budget balance. One advantage of this model of “optimal” adjustment is its ability to analyse various configurations in terms of ABMs by controlling the adjustment pace. Notably, this S-ABM...

November 10, 2023
Articles, Sustainability, ,
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10Nov

Health and Retirement: Heterogeneity in the Responsiveness to Pension Incentives

By De Fen Hsu, Melinda Sandler Morrill & Aditi Pathak Workers often time retirement around pension eligibility, yielding a strong instrument for retirement timing.  By estimating the characteristics of the complier population, we find heterogeneity by individuals' health status in the responsiveness to pension-related financial incentives to retire.  Workers in poor health do not uniformly retire earlier or later, but rather are less responsive overall to pension incentives.  Thus, characterizing compliers may yield different conclusions than simple comparisons of means. Source...

November 10, 2023
Articles, System Characterization, ,
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10Nov

In search of financially sustainable pension systems: three benchmark models

By Ekaterina Cuéllar, Daniel Gamboa & Waldo Tapia  One of the great dilemmas facing countries around the world is to define a pension system that is financially sustainable in the face of increasing life expectancy, falling fertility rates and the consequent lack of generational replacement. Globally, pension reforms in countries with more advanced aging processes have focused on implementing parametric reforms and incorporating automatic adjustments of the main parameters to share productivity, financial and demographic risks. In this article we present the advantages...

November 10, 2023
Articles, Sustainability, , ,
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03Nov

ESG in China: A review of practice and research, and future research avenues

By Hongtao Shen, Honghui Lin, Wengi Han & Huiying Wu   This paper reviews the practice and research on environmental, social and governance (ESG) in China. It finds that (1) under China’s top-down framework, ESG practices have grown substantially in ESG disclosure, ESG rating and ESG investing; and (2) ESG research has focused on corporate ESG disclosure and performance as well as ESG investing. Although the topics of the ESG studies reviewed in this paper are similar to those of ESG...

November 3, 2023
Articles, Investment, , ,
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03Nov

Aging, Healthcare System, and Interest Rates

By Reona Hagiwara Over the past few decades, the Japanese economy has experienced the widening gap between returns on liquid bonds and illiquid capital (i.e., the liquidity premium) due to a secular decline in the real interest rate and a slight increase in the capital return. This paper explores the role of the health or medical expenditure risk in the increase in the premium, using a general equilibrium overlapping generations model with heterogeneous agents that differ in health status and...

November 3, 2023
Aging, Articles, , , ,
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03Nov

The Impact of Population Aging on Financial Services and Economic Development

By Hongyu Fang With the increasing aging population, it has had a profound impact on the financial services industry and economy. This study aims to explore the effect of population aging on the financial service industry and economy and propose corresponding countermeasures and suggestions. The aging population has brought challenges to the financial services industry. The increase in the elderly population has led to a rise in demand for financial products and services. Financial institutions innovate and develop financial products...

November 3, 2023
Aging, Articles, , ,
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October 2023

27Oct

From PEPP to Corona: European Aspects of the Dutch Pension System

By Hans van Meerten In this contribution, I will address some salient points in the Dutch and European pension landscape. For instance, the state of affairs anno 2023 regarding the WTP and the 'EU Pension Union' (EPU) will be addressed. What developments are there and do they actually bring the signalled EPU (in 2015) closer or further away? In doing so, I would like to address two topics specifically: the internal market for pensions and developments regarding the Corona pandemic,...

October 27, 2023
Articles, Pension design, ,
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27Oct

Time Consistency in Optimal Retirement Planning

By Frank Bosserhoff, An Chen & Manuel Rach We study time consistency in optimal consumption problems of annuities and tontines. We find the annuity problem to be time-consistent, hence delivering the same optimal consumption at each time. The tontine problem, however, is found to be time-inconsistent, opening the possibility for individuals to increase or decrease their overall expected utility by changing the ex ante fixed consumption profile. However, such an increase in the utility of the tontine cannot lead to...

October 27, 2023
Articles, Pension design, ,
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